Cathy Company Buys 2 mln Barrels of Masila Crude Oil

The Supreme Committee on Crude Oil Marketing approved selling 2 million barrels of Masila crude oil to Cathy Company. Chaired by Prime Minister and the Committee's head Mohammed Salem Basindwa, the committee sold the whole quantity of Masila crude oil for loading in January 2014 for a premium of $1.88 a barrel to dated Brent to Cathy Company, which has placed the best bid.

During its meeting, the committee endorsed the Masila and Marib crude oil sales of January 2014, with estimated quantity reaches 3.6 million barrels. It also approved selling the total quantity of Marib's crude for the same month amounting to 1.6 million barrels to Aden Refinery Company at the dated Brent price (without any discount or rise).